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Chinese cryptocurrency investors not pulling out despite exchange exodus – South China Morning Post

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Tim Cook said Apple is looking at cryptocurrency – Here’s what the company is likely to do – 9to5Mac

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December 28, 2021
Bradley Chambers
– Dec. 28th 2021 6:00 am PT


A few weeks ago, Apple CEO Tim Cook made headlines when he said he personally owns cryptocurrency while mentioning that Apple is looking at it from a technology perspective, but not from a treasury decision. What will Apple do with Bitcoin and cryptocurrency?

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It’s something we are looking at, it’s not something we have immediate plans to do. I would characterize it as there are things that I would not do like our cash balance. I would not go and invest that in crypto not because I would not invest my own money in crypto, but because I don’t think people buy Apple stock to get exposure to crypto. So if they want to do that, they can, you know, invest directly in crypto through other means. And so I would not do that. I’m not planning to in the immediate future to take crypto for our products. As a mane of tender, but there are other things that we are definitely looking at.
During the interview, Cook revealed that he owns cryptocurrency, saying “it’s reasonable to own it as a part of a diversified portfolio,” while also noting that he’s “not giving anybody investment advice.” However, Cook didn’t mention if he owns Bitcoin or another particular type of cryptocurrency.
Apple has plans for its retail financial arm. Its Apple Pay service allows people to send money in particular jurisdictions over iMessage. It also has its Apple Wallet app and associated Apple Pay services for mobile payments. Apple wants to grow its services business, and siphoning off banking services is an ideal way to do it. What does this have to do with cryptocurrency?
I believe that Apple will build a Bitcoin wallet directly into Apple Wallet shortly while also allowing for a low-cost way to purchase Bitcoin on iPhone.
With Bitcoin wallets – where you maintain full control of your bitcoin and move it off an exchange like Coinbase –you are responsible for securing your wallet with a seed phrase. I personally reccomend using a couple of Trezor, Ledger, or Coldcard hardware wallets with a multisig vault with a company like Unchained Capital to eliminate single points of failure with your Bitcoin wallets. I also recommend using a steel wallet like billfodl or SEEDPLATE for securing your seed phrase in case of hardware failure.
For newcomers to Bitcoin, this whole process might seem overwhelming, which is why I think Apple might approach it in a couple of ways:
If Apple operates as a Bitcoin exchange, they’ll let you buy bitcoin directly in the Apple Wallet app using whatever payment methods you have on file. They’ll allow you to store your holdings in Apple Wallet while Apple itself will retain the keys. It’ll look a lot like what Cash App or Coinbase does, where you can send, receive, and store Bitcoin without needing to store your seed phrase.
If Apple sets up a software wallet directly on iPhone, it’ll likely look similar to BlueWallet, where you take self custody of your Bitcoin with a seed phrase backup. You’ll own the keys to your Bitcoin directly on your iPhone and be responsible for backing up the seed phrase. If Apple goes this route, I suspect they’ll build in an encrypted iCloud backup of your seed phrase that’s tied to multi factor authentication in such a way where only you can decrypt it. It’s not ideal, but it’s better than nothing.
Finally, Strike is a company I could see Apple partnering with for global Apple Pay Cash transactions. Twitter is already working with the company for its tipping service. Strike does a couple of things that could be of interest to Apple:
It accomplishes the global payment system using Bitcoin as the transaction medium. If I want to send someone in another country money, I input dollars, it converts it to Bitcoin and converts it back to local currency when received. It sounds simple, but it’s a pretty revolutionary way to process payments globally for free.
I just published Announcing the Strike API
Today, @Twitter enables free, instant, global payments for their users with their integration of the Strike API.
What the internet did for communication, #Bitcoin + the Lightning Network is doing for money.https://t.co/jHkY6knXkP pic.twitter.com/FXujknG7sM
— Jack Mallers (@jackmallers) September 23, 2021

Ultimately, Bitcoin is becoming a significant force to be reckoned with in our world. With a finite supply, decentralization, and digitization of our financial system, it’s likely to continue to play a significant role as digital gold and global settlement network. Apple doesn’t want to miss a massive shift in technology as it seeks to drive services revenue and become a significant player in the financial services industry.
It’s also possible Apple will use Bitcoin as a transaction layer with its online store when the company is concerned about the stability of the local currency as we saw recently in Turkey.
Bitcoin’s energy usage is a common discussion among its critics. While there is a lot to unpack here, I’ve found the video I’ve embedded below to be a great resource to explain how there’s more to the discussion about Bitcoin and energy usage than most people would lead you to believe.
TL;DW: The Bitcoin network uses less energy than the use of Christmas lights in the US.
What do you think Apple will do with Bitcoin and cryptocurrency? Leave a comment below! Interested in learning how to buy Bitcoin? We’ve put together a detailed guide on the best apps for buying Bitcoin on your iPhone
FTC: We use income earning auto affiliate links. More.
Check out 9to5Mac on YouTube for more Apple news:
Breaking news from Cupertino. We’ll give you the latest from Apple headquarters and decipher fact from fiction from the rumor mill.


Bradley lives in Chattanooga, TN.
Tips, feedback, corrections and questions can be sent to Bradley@9to5mac.com.
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94% of Advisors Received Questions About Crypto from Clients in 2021, Bitwise/ETF Trends Survey Finds – Business Wire

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94% of Advisors Received Questions About Crypto from Clients in 2021, Bitwise/ETF Trends Survey Finds  Business Wire
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GameStop Jumps After Report on NFT Trading Hub, Crypto Pact – Gadgets 360

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Short selling against GameStop increased by about 1 million shares to 8.4 million in the past 30 days
GameStop’s stock rallied on Friday after a report that the videogame retailer plans to expand its non-fungible tokens (NFTs) marketplace and partner with crypto firms.
The company’s shares soared last year as it was at the centre of a battle between small investors coordinating on online forums and Wall Street hedge funds that had taken short positions. Since mid-November, its stock has mostly declined.
On Friday, GameStop jumped 7.3 percent to $140.62 (roughly Rs. 10,440) after reports late on Thursday that the company would build an online hub for trading NFTs for virtual game collectibles and establish cryptocurrency partnerships.
A source familiar with the matter told Reuters about GameStop’s plans, which had been reported by the Wall Street Journal.
GameStop declined to comment on the reports.
NFTs, which use blockchain to record the ownership of digital items such as images and videos, surged in popularity in 2021, leaving many confused about why so much money was being spent on copiable digital items that do not physically exist.
Highly volatile crypto assets have tumbled in recent months, with Bitcoin plummeting to a more than three-month low of $42,001.97 (roughly Rs. 31.18 lakh), down about 38 percent from its $69,000 (roughly Rs. 51.21 lakh) all-time high in November. Bitcoin price in India as of January 8 at 11:15am IST was Rs. 33.92 lakh.
Ether, used to buy NFTs, has slumped to $3,219.77 (roughly Rs. 2.39 lakh), levels last seen in early October. Ether price in India as of January 8 at 11:15am IST was Rs. 2.6 lakh.
“Meme stocks are speculative rather than fundamental and, to a degree, cryptos are also little speculative in nature … too much of an exposure to cryptos could have an effect on the balance sheets of these companies,” warned Mirabaud analyst Neil Campling.
Short selling against GameStop increased by about 1 million shares to 8.4 million in the past 30 days, now worth $1.11 billion (roughly Rs. 8,240 crore) and equivalent to 13 percent of GameStop’s free float, according to data from S3 Partners.
Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners, said Friday’s share move was unlikely to be a short-covering rally.
“First we would need to wipe out recent mark-to-market profits on the short side, which means getting back to levels in the $170 – $200 (roughly Rs. 12,600 to 14,800)stock price range,” for a short squeeze to happen, Dusaniwsky said.
© Thomson Reuters 2021
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
Cryptocurrency Prices across Indian exchanges
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